Rendez-Vous

SHU YOSHINO

THE GENERAL MANAGER, INTERNATIONAL ADVERTISING DEPARTMENT, SEIKO

SHU YOSHINO How did Seiko fare in the last fiscal? How are you gearing up for the economic slowdown this year?
Seiko has increased its turnover year by year. Fiscal 2009 was a very successful year. Last fiscal, we posted a turnover of Japanese Yen 117 billion. We are not immune to the economic slowdown and we see a lower double digit growth rather than high one witnessed in recent years. The economic slowdown that we are witnessing now is a universal slowdown. Japan is our biggest market followed by the US. Customers will come back to basic, substantial and real value. In watches, customers look for accuracy and durability. This is a very good time for us to rethink about our future strategy both internally and externally. We plan to make significant enhancements in our approach and strategy in terms of form and function. It is also an important time for us to launch new and innovative products that will attract customers.

Tell us about your impressions of Baselworld 2009?
We thought that Baselworld 2009 would witness lesser footfalls. However, we had a full house on the press conference day. And that gave us an indication of the things to come. We have added a lot of new calibres and collections. Being Japanese, ceaseless innovation is in our blood. We see ourselves changing all the time. If we don’t evolve, we shall become obsolete. The basic philosophy is always the same but we come out with new dynamic interpretations.

Seiko has always stayed away from the temptation to give discounts. Comment?
Seiko never offer discounts as we believe in transparency. In the long run, discounts devalue brands. We feel we always create premium products with a lot of substance. We feel our brands and products speak for themselves. This is similar to the philosophy of several well established global brands. Our biggest accolade comes when the retailer says that his biggest return on investment (ROI) comes from Seiko. We have a very transparent deal with retailers. We have laid very clear principles for the business relationship. Every retailer, whether in category A or B, knows what is expected of them. It is also mentioned that discounts will not be tolerated. We also do a lot of analysis while setting up retailer outlets in any particular area. It is better to have a good retail presence showcasing the entire range with a wide geographical coverage. This will ensure consumer pull and also help ward off demands for discounts.

How important is the Indian market?

India has tremendous potential and it is one of our top priority markets. In the premium to luxury category, India has phenomenal potential. Though we have grown in the last fiscal, we are merely touching the tip of the iceberg. We have successfully re-launched our brand in India with proper pricing, product range and distribution. We have good hard-working and dynamic team in India. We want to constantly enhance our distribution and communication. We have several initiatives lined up for this year. We are confident of our new products. From this year onwards, we shall start the ‘Seiko story’ campaign, which will revolve around the history, craftsmanship, innovation and the passion.

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